Basin Energy

Basin Energy to Acquire Scandinavian Uranium and Green Energy Metals Portfolio

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce the signing of a binding agreement (the “Agreement”) to acquire an exploration portfolio located within Scandinavia (the “Projects”).


Key Highlights

  • Basin Energy to acquire 100% interest in prospective portfolio with projects located in Sweden and Finland
  • Deal structure includes upfront all scrip offer with deferred payments upon exploration success to preserve cash for exploration
  • Projects prospective for multiple commodities including Uranium, Copper, Gold, Silver Niobium and Rare Earth Elements. Known highlights from historical exploration data include:
    • Rock chip sampling at the Prästrun project up to 0.45% U3O8, 1.2% Nb, 0.07% Ta, and 0.26% Zr1.
    • Evidence for both significant width and grade mineralisation at the Virka project from drilling which included 2
      • 9 m at 1,087 ppm U3O8 from 24.5 m in drill hole 81-003
      • within 17 m at 707ppm U3O8 from 23 metres depth
    • Evidence for high grade uranium mineralisation from the Håkantorp project with limited sampling campaign of historical waste dumps returning up to 1.59% U3O83
  • No modern systematic exploration undertaken with last significant exploration in 1980’s highlighting district scale potential
  • Work program to commence immediately including stakeholder engagement, relogging historic core, surface sampling and mapping

Basin’s Managing Director, Pete Moorhouse, commented:

“Basin has been assessing opportunities since inception that fit the exploration criteria for potential world class discoveries. We are excited to add this complimentary portfolio to our existing asset base. The acquisition provides multiple near surface targets for uranium and green energy metals, that can be advanced cost effectively. Whilst exploration success was achieved in the 1980s, very little modern exploration has occurred. As of 2021, Sweden’s known uranium assets make up about 27% of Europe’s uranium resources4.

We remain committed to advancing our existing uranium portfolio in the world-class Athabasca Basin, however, we also recognise the significant opportunity presented to Basin for broader exposure to uranium and green energy metal discoveries that are required to fulfil the metals void created by the global push toward decarbonisation.

We will update the market with detailed project-level information shortly as we conduct initial work programs and further data verification of this exciting new package.”

Figure 1: Scandinavian Project Portfolio Locations

The project portfolio (Figure 1) primarily targets sheer-hosted and intrusive-related mineralisation and consists of five exploration licenses within Sweden consisting of 120.1 km2, and five reservations in Finland totalling 64.8 km2. Historical exploration records exist for several of the properties and highlight prospectivity for a variety of commodities.

Sweden

Virka, Björkberget and Rävaberget Projects

The Virka project, along with its highly-prospectivity satellite prospects Björkberget and Rävaberget, are strategically positioned in the heart of the Arjeplog-Arvidsjaur shear-hosted uranium district in Sweden (Figure 2). Previous drilling activities conducted in the 1980’s across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and limited geochemical core sampling being completed, see below for details. Additionally, historical regional geological mapping and boulder tracing records unveiled several surface anomalisms in lead, zinc, silver and gold associated with fault structures. Research indicates that these anomalies have not been adequately followed up with result not verified to JORC Code (2012).

Figure 2: Virka, Björkberget and Rävaberget Projects Location

Drilling at the Virka project consisted of 20 holes (Appendix 1) completed by the Swedish Geological Survey (“SGU”) between 1980 and 1982 that targeted the source of a geochemically anomalous boulder train. Although historic results from this boulder sampling have yet to be verified, it is noted that multiple anomalous elements were recorded in addition to uranium, including copper, silver and gold 5,6,7. Numerous other untested boulder trains were reported in the project area and will be a focus of initial ground exploration work program planned by Basin. Virka is located approximately 37 km southeast of Boliden’s (STO:BOL) Laisvall Pb-Zn-Ag former mine.


Click here for the full ASX Release

This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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